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C&D International unit terminates 900M-yuan JV deal, wins 858M-yuan site

C&D International Investment Group Ltd.'s Xiamen Yi Yue Property Co. Ltd. subsidiary and its partners terminated their cooperation agreement to jointly buy an approximately 80,000-square-meter land parcel in Changsha, China, for roughly 900.0 million yuan.

The deal was terminated after one of the parties involved, Changsha Xingwang Real Estate Development Co. Ltd., failed to fulfill one or more conditions necessary for the agreement that was signed in April 2018. In line with the axing of the cooperation deal, Xiamen Yi Yue also terminated its joint venture agreement with Hunan Hongkai Real Estate Development Co. Ltd.

Separately, Xiamen Yi Yue placed the winning 858.0 million-yuan bid for the rights over a mixed-use site in the Yuhu area of China's Putian City.

The property secured through a public tender administered by Fujian Huaxing Auction House Co. Ltd. has a total site area of about 46,881.92 square meters and an estimated gross floor area of up to approximately 121,892.99 square meters. It is zoned for residential and service facilities purposes.

Xiamen Yi Yue is slated to enter into a land use rights grant contract with the Putian Municipal Bureau of Land Resources before Jan. 22 to formalize the impending acquisition.

As of Jan. 8, US$1 was equivalent to 6.85 yuan.